Friday, 9 August 2019

Banking Questions and Answers with Fundamentals to Know. Series -33

BC / BF EXAM (IIBF) Series -33 ( PROBABLE QUESTIONS AND ANSWERS )
Chapter-3

1. Objectives of KYC;
A.      to ensure appropriate customer identification
B.      to monitor transactions of suspicious nature
C.      if the loan is given, it would not be an NPA
D.      to create a database of customers
2. Which one of the following is an Officially valid document available to the bank for customer identification?
A.      Election ID card
B.      Ration card
C.      Photograph
D.      Bank statement of account
3. One of the important steps in Money Laundering is____________________
A.      Placement and Layering
B.      Organization and Controlling
C.      Depositing and Withdrawing
D.      Backward and Forward Integration
4. Money Laundering refers to _____________
A.      conversion of assets into cash
B.      conversion of money which is illegally obtained
C.      conversion of cash into gold
D.      conversion of assets into liabilities
5. The banker dishonors the cheque on the expiry of _________ months.
A.      6
B.      2
C.      4
D.      3
6. Which of these is/are important feature/s of a CHEQUE?
A.      Drawer's signature
B.      Date of cheque
C.      Amount of cheque
D.      All of these
7. Which of these is Voucher Generating Transaction of a Bank?
A.      Issue of cheque books
B.      Acceptance of share application forms
C.      Delivery of term deposit receipts/drafts
D.      Issue of term deposit receipts
8. Banks are not required to deduct TDS from depositors who submit declaration in FORM _______________under Income Tax Rules, 1962.
A.      17G/17H
B.      15G/15H
C.      19G/19H
D.      13G/13H
9. Photographs cannot be a substitute for specimen signatures.
A.      True       B.False
10. In any case cash transactions of over Rs _______lacs are required to be reported to the RBI on a fortnightly basis.
A.      20       B.15      C.10            D. 30

Chapter-4
1. If Rs 1 lakh is the money borrowed for 12 months and the ROI is 12% p.a. simple, what is the interest paid by the borrower?
A.      Rs 10000
B.      Rs 24000
C.      Rs 20000
D.      Rs 12000
2. Each transaction has dual aspects; each debit has a corresponding credit. This is known as ________________.
A.      business entity concept
B.      dual aspect concept
C.      money measurement concept
D.      accrual concept
3. Income and expenses are recorded as and when these become due for payment or receipt, and not when these are actually received or paid. This is known as _______________.
A.      accrual concept
B.      historic case concept
C.      dual aspect concept
D.      business entity concept
4. Choose the correct principals of Double Entry Book Keeping;
A.      for every the transaction, there are two parties involved
B.      every business the transaction has two aspects-give and receives benefits
C.      debit and credit sides are recorded in books of account
D.      all of these
5. Cash, stock, building, machinery come under assets or properties.
A.      True
B.      False
6. Accounts of expenses(losses) and gains(income) come under______________ account
A.      nominal
B.      personal
C.      real
D.      none
7. Which of these show both aspects of double entry?
A.      Ledger
B.      Journal
C.      Balance sheet
D.      Cashbook
8. RBI has instructed all the banks that for all the rupee loans sanctioned and credit limits renewed w.e.f April 1, 2016, would be priced with reference to the ___________________.
A.      DCLR
B.      PCLR
C.      GCLR
D.      MCLR
9. You deposit Rs 10,000/- with a bank for one year at 6% interest p.a. The Bank pays monthly compounded interest which is reinvested in the account. What amount would you get on the maturity of your deposit?
A.      10617    
B.      10517
C.      10417
D.      10317
10. Find out EMI for a housing loan of Rs 10lacs at an interest rate of 10.5% per annum repayable in 15 years.
A.      10,054
B.      11,054
C.      12,054
D.      13,054

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